Small, growing businesses and larger, more established companies alike often have to-do lists that are seemingly endless. Though priorities might shift depending upon scale, one thing remains invaluable across businesses, industries, and niches: time.
Time savings and efficiency are absolutely essential if a business has any shot at establishing a long-lasting legacy, as using time wisely results in stronger results, enabling not only business maintenance but growth. Harnessing the power of an accounting software that automates more financial processes is one easy way to achieve this goal.
Today, we’ll be comparing two popular expense card options and put them against each other: Ramp vs. Expensify. Read on to learn more about their benefits and shortcomings for running more efficient financial operations.
An Overview of Ramp
Ramp is a spend management solution and corporate card designed to save mid-market companies time and money. Its 5-in-1 technology consolidates corporate cards with unlimited 1.5% cashback, expense management, bill payments, employee expense reimbursements, accounting automation, and insights and reporting.
Ramp’s goals include helping businesses accelerate growth, and to reduce the number of individual systems a business needs to manage financial operations effectively. The software boasts that it helps companies close their books up to eight times faster, and save over $200 million combined.
Pros of Ramp
- Automate coding, approvals, and reviews of transactions;
- Combine tracking categories for simplified transaction coding;
- Rules and approval workflows to enforce company policies;
- Easily create employee expense reports for reimbursement;
- Integration with Sage Intacct and other accounting systems;
- Unlimited 1.5% Cash back;
- Create unlimited virtual cards;
- Approve spend before it occurs;
- Mobile App and Mobile Website;
- Get it for free.
Cons of Ramp
- No live chat support.
- Must use Ramp VISA card, unable to use your own VISA or AMEX.
An Overview of Expensify
Expensify is a powerful tool that enables fast and efficient accounting, whether on-the-go or at a desktop. It features automated expense management and receipt tracking, assisting in making financial operations that much more streamlined. Expensify saves countless hours of tedious manual entry with one-click expense reports for company paid cards and reimbursable employee expenses. For travel, there is even a featured Concierge service that helps plan trips.
While there is a lot of overlap between Ramp and Expensify as accounting automation platforms, Expensify is a bit more flexible in what it can do.
Pros of Expensify
- Live chat support;
- Robust rules and approval workflows to enforce company policies;
- Supports third-party corporate cards;
- Multi-currency support;
- Integration with Sage Intacct and other accounting systems;
- Travel assistance (booking, real-time flight updates, automatic mileage tracking);
- Mobile app for expensing on the go;
Cons of Expensify
- Not free, cost of the solution is still a great return on investment when compared to manual processes like email and receipts in a shared network folder;
- Some manual data input required for expense reports (not as automated as some users would like).
A Word About Integrations
It is worth noting that both Ramp and Expensify integrate with several different software solutions. Sage Intacct (preferred for multi-entity and company’s with more than simple needs) and QuickBooks Online are both supported. These integrations keep business feeling more manageable and organized, allowing companies to combine their critical operations and applications to save time.
There are several ways to keep finance as simplified, streamlined, and seamless, and implementing automated accounting is one such example. Contact us today to learn more about how we compare Ramp vs. Expensify, so you can make the right decision for your business.
